The Spanish asset management industry has welcomed the arrival of a new member, A&G Private Wealth Solutions, an Eafi created by A&G Private Banking and whose launch raises to 168 the number of Eafis registered at the Spanish National Securities Market Commission (CNMV).
The EAFI, which is registered but not active, has been set up to provide internal advice among the companies belonging to the group, while taking full advantage of their licensing structure, A&G said.
Five different companies already coexisted under the umbrella of A&G group (A&G Banca Privada, A&G Luxembourg, A&G Fondos, A&G Pensiones and A&G Insurance), which with the arrival of the new Eafi will become six.
Commenting on the adaptation of Spanish business models ahead the upcoming transposition of Mifid II in January 2018, the company said: “Although it is not the origin of our decision to launch an Eafi, it could perhaps help us in our approach to Mifid II, but we are still evaluating alternatives.”
The Spanish banking group counts seven offices spread throughout Spain – Madrid, Barcelona, Santander, Seville, Valladolid, Valencia – and Luxembourg, and currently amounts €7.8bn AUM in Spain.